ECB to start implementing enhanced repo facility for central banks

On 14 February, the European Central Bank (ECB) introduced an enhanced EUREP facility. This new facility, coordinated by the ECB, supports the smooth transmission of monetary policy and strengthens the international role of the euro. Five national central banks - Deutsche Bundesbank, Banco de España, Banque de France, Banca d’Italia, and De Nederlandsche Bank - have onboarded to participate in the facility.

These central banks will receive euro liquidity as loans against high-quality euro-denominated collateral, priced at the main refinancing operations (MRO) rate plus a spread determined by the ECB to maintain the facility's backstop character. The maturity of each transaction can range from one day to one week and may be extended.

Each national central bank has a maximum line size of EUR 50 billion. While the enhanced facility provides standing access to all central banks and monetary authorities outside the euro area, they cannot use EUREP funds ex ante. Post onboarding, central banks can start drawing from the facility from Q4 2026. The ECB will publish the total daily liquidity provided under EUREP and swap lines every week.

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